Jio Platforms IPO

Strengths · 8

• 01Revenue from operations grew from Rs 109,558.10 crore in FY2024 to Rs 128,218.40 crore in FY2025 and Rs 146,885.30 crore in FY2026.
• 02The EBITDA margin was 51.91% in FY2026, up from 50.05% in FY2025 and 50.16% in FY2024.
• 03Profit after tax grew from Rs 21,423.20 crore in FY2024 to Rs 30,049.10 crore in FY2026, at a PAT margin of 20.46%.
• 04RJIL's customer base reached 524.4 million as of 31 March 2026, with 36.2 million net additions in FY2026 against 6.4 million in FY2025.
• 05Average revenue per user for the exit quarter rose from Rs 181.7 per month in FY2024 to Rs 214.0 in FY2026.
• 06Data traffic grew from 148.5 billion GBs in FY2024 to 241.4 billion GBs in FY2026, and monthly data use per customer rose from 28.7 GB to 42.3 GB.
• 07Net cash generated from operating activities was Rs 77,556.30 crore in FY2026 against a profit after tax of Rs 30,049.10 crore.
• 08Net leverage fell from 0.88 times in FY2024 to 0.36 times in FY2026, and EBITDA less cash capex rose from Rs 1,449.10 crore to Rs 42,071.10 crore over the same two years.

Risks · 10

• 01Total fund based outstanding borrowings of the company and its subsidiaries were Rs 71,529.20 crore as of 31 March 2026, and the capital intensive nature of the business needs continued access to funding for technology upgrades and capital expenditure.
• 02RJIL holds the telecommunication licences and spectrum that the business runs on. Any inability to maintain or renew them, or to win spectrum in future auctions, would hit operations.
• 03Monthly churn for the exit quarter was 1.67% in FY2026 against 1.52% in FY2024, and a sustained rise in churn would hurt the customer base of 524.4 million.
• 04Return on average capital employed fell from 12.83% in FY2024 to 12.50% in FY2025 and 10.76% in FY2026, even as revenue grew.
• 05The company does not control the use of the Jio trademark by other companies in the Reliance Group, so negative publicity from outside the company can affect its brand.
• 06The company and its subsidiaries have non-exclusive agreements with the promoter, Reliance Retail Limited and other Reliance Group entities for key parts of the business.
• 07The company depends on a limited group of passive infrastructure providers for a substantial part of its telecommunication towers and optic fibre network.
• 08Litigation against the subsidiaries covers 18 criminal, 200 tax and 26 statutory or regulatory proceedings involving Rs 10,811.00 crore. Of this, GST input tax credit disputes worth Rs 6,766.70 crore have not been recognised as a contingent liability in the restated financial information.
• 09Proceedings against the promoter Reliance Industries Limited involve Rs 40,310.60 crore and US$ 4.13 billion, and include two disciplinary actions by SEBI or the stock exchanges in the last five years and four material civil litigations.
• 10The whole fresh issue of up to 27,00,00,000 equity shares goes to prepaying borrowings of RJIL and to general corporate purposes, and the offer document does not split the amount between the two uses.

Jio Platforms Limited is a technology platform built on proprietary digital technology and pan-India digital connectivity. It sells digital connectivity and digital services to consumers and to businesses. For consumers it offers mobile and fixed broadband, digital services across entertainment, cloud gaming, cloud compute, cloud PC and storage, smart home solutions, and AI based products such as AI assistants. For businesses it offers enterprise grade broadband and leased line connectivity, cloud, productivity, unified communications, IoT, managed Wi-Fi, private 5G and security solutions, end to end managed information and communication services, and AI enterprise suite products. The material subsidiary Reliance Jio Infocomm Limited (RJIL) holds the telecom licences and served 524.4 million customers in India as of 31 March 2026. The company reports a single segment under Ind AS 108, and most of its operations are in India.

The customer base grew from 481.8 million in FY2024 to 488.2 million in FY2025 and 524.4 million in FY2026, with net customer additions of 36.2 million in FY2026 against 6.4 million in FY2025. Average revenue per user for the exit quarter rose from Rs 181.7 per month in FY2024 to Rs 206.2 in FY2025 and Rs 214.0 in FY2026. Data traffic carried on the network grew from 148.5 billion GBs in FY2024 to 184.5 billion GBs in FY2025 and 241.4 billion GBs in FY2026. Monthly data use per customer for the exit quarter rose from 28.7 GB to 33.6 GB and then 42.3 GB over the same three years. Monthly churn for the exit quarter was 1.67% in FY2026 against 1.81% in FY2025 and 1.52% in FY2024.

On the financial side, revenue from operations grew from Rs 109,558.10 crore in FY2024 to Rs 146,885.30 crore in FY2026, and profit after tax grew from Rs 21,423.20 crore to Rs 30,049.10 crore. The EBITDA margin was 50.16% in FY2024, 50.05% in FY2025 and 51.91% in FY2026. Net cash generated from operating activities was Rs 77,556.30 crore in FY2026. EBITDA less cash capex rose from Rs 1,449.10 crore in FY2024 to Rs 19,902.00 crore in FY2025 and Rs 42,071.10 crore in FY2026, and net leverage fell from 0.88 times to 0.36 times over the same period.

Reliance Industries Limited is the promoter and holds 5,937,841,645 equity shares, which is 66.43% of the pre-issue paid up equity capital. The other large shareholders are Jaadhu Holdings, LLC, an affiliate of Meta Platforms, with 9.98%, Google International LLC with 7.73%, the Public Investment Fund of Saudi Arabia with 2.31%, a KKR affiliate with 2.31%, a Vista Equity Partners affiliate with 2.31%, a Silver Lake affiliate with 1.88%, a Mubadala subsidiary with 1.85%, General Atlantic Singapore JP with 1.34%, an Abu Dhabi Investment Authority trust with 1.16% and a TPG managed entity with 0.93%. The company has 94 other shareholders, and members of the promoter group hold no equity shares. The registered office is in Ahmedabad and the corporate office is at Reliance Corporate Park, Ghansoli, Navi Mumbai.

The industry

According to the Analysys Mason Report quoted in the offer document, India's digital economy is expected to reach $1.4 trillion, or Rs 125.8 trillion, by Fiscal 2031. India's digital ecosystem has grown on the back of rising internet penetration, higher data consumption and wider adoption of digital services by consumers and enterprises. As of 31 December 2025 India was one of the fastest adopters of 5G in the world, with about 41% of mobile broadband customers moving to 5G in less than four years. The fixed broadband market has moved from slow, uneven growth to rapid acceleration, but India still lags both developing and developed markets on fixed broadband penetration, and the gap between urban and rural penetration is wide. The report says next generation technologies such as fixed wireless access on 5G and ultra broadband radio can unlock this latent demand.

Customer concentration: The offer document records revenue concentration among the top five customers as not applicable, because RJIL served 524.4 million customers in India as of 31 March 2026.